Chamber of Commerce reject profit-shifting crackdown

BUSINESS groups have rejected a Labor plan to raise $1.9 billion by shutting down loopholes allowing multinationals to send profits offshore.

Opposition leader Bill Shorten announced the policy on Monday, as part of a promised crackdown on profit-shifting, if Labor wins office at the next federal election.

Australian Chamber of Commerce and Industry chief executive Kate Carnell said it could have "unintended consequences" for investment and potentially lead to less job opportunities, and now was "not the time for unilateral action".